Wednesday, July 17, 2024

Michigan’s Cannabis Dispensaries Set New Sales Record On 4/20

The influx of sales Wednesday translates to more than $2.55 million in excise taxes and state sales in a single day.

By Maureen Meehan

Michigan’s cannabis consumers didn’t hold back on 4/20 this year. But then, of course, no one expected them to.

Indeed, more than two tons of cannabis flower was sold during the annual weed holiday. Initial data from Michigan’s Cannabis Regulatory Agency (CRA) shows overall sales of cannabis flower on 4/20 were up 242% this year compared to the same day in 2021, CRA director Andrew Brisbo said.

cannabis sales
Photo by OlegMalyshev/Getty Images

RELATED: Cannabis Sales Have Been Sluggish Lately, Will 4/20 Change This Trend?

Here’s the breakdown of cannabis flower sold on 4/20 over the past three years:

  • 2022 – 4,619 pounds
  • 2021 – 1,912 pounds
  • 2020 – 430 pounds

During this year’s cannabis holiday, consumers bought more than $15.5 million in cannabis products from the state’s retailers. Overall weed product sales, measured by price, were up 45% from the previous year.

Total 4/20 weed sales in Michigan in the last three years:

  • 2022 – $15.55 million
  • 2021 – $10.69 million
  • 2020 – $3.67 million

“Overall sales continue to increase despite significant price decreases year over year,” Brisbo said, per the Detroit News. “Over 140,000 adult-use vape cartridges were sold [on 4/20] — 100,000 more than last year.”

RELATED: How Much Weed Was Sold In Top-Selling Cannabis States? Arizona & Michigan Smash Records Again

There are at least 540 medical dispensaries serving the state’s 230,500 MMJ patients and nearly 500 adult-use retail shops in Michigan.

Michigan Cannabis Sales Near $1B In First Year Of Adult-Use Sales
Photo copyright SNWEB.ORG Photography, LLC./Getty Images

Lots Of Tax Money

Adult-use cannabis purchasers pay a 10% excise tax on top of state sales tax while MMJ consumers do not pay excise tax.

The influx of sales Wednesday translates to more than $2.55 million in excise taxes and state sales in a single day, CRA spokesman David Harns said.

Recreational cannabis sales in Michigan are forecasted to hit a new high of $1.5 billion this year. It seems this year’s 4/20 celebrations provided a hefty push along that road.

This article originally appeared on Benzinga and has been reposted with permission.


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